I was going through the phased manufacturing program announced recently regarding the localized procurement of EV components to be eligible under PM E-drive scheme.
As per the circular the components mentioned in PMP will be allowed to be imported. But the confusing part is that the effective date of indigenisation on all this products is over. ( dont know what this effective date of indigenisation means).
Good to see that SPR- EMFI is present in many of these components.
The company is the last concall also mentioned that the govt’s localisation norms have helped. SPRI EMFI is undergoing expansion which is expected to be completed by the end of the year. Also, as per concall ,Takhahata has also been able to win some business s for some of the new programs including some electric
vehicles’ requirements from a plastic injection molding standpoint, thy have been able to win businesses with some of tier 1 customers who then supply to the end markets for electric vehicles.
Govt is likely to penalise companies that flout the localisation norms. They are expected to have to return the subsidies received along with interest.
Previously Greaves,Hero Electric, Okinawa Autotech, Benling India, Revolt Intellicorp, Amo Mobility, and Lohia Auto — were found to be using imported products in violation of the phased manufacturing programme (PMP) guidelines. under Fame 2. These companies were asked to return subsidies totalling Rs 469 crore.
Some of them like Greaves, Revolt etc seems to have returned these subsidies. This time it is expected to be more stringent with localisation guideines which is expected to benefit SPR subsidiaries.
| Subscribe To Our Free Newsletter |
